Govt approves Rs 5,910.66 crore in FDI

New Delhi, Jan 23 (UNI) The Government has approved 23 Foreign Direct Investment (FDI) proposals amounting to Rs 5,910.66 crore, including a Rs 200 crore project from a French company that will increase power generation in the renewable energy sector.

Finance Minister P Chidambaram approved these proposals, which were recommended by the Foreign Investment Promotion Board (FIPB) in its meeting held on January 12, 2007.

The major investment proposals pertain to power, telecom and economic affairs.

The proposals come under the ambit of Ministry of Commerce, Department of Industrial Policy and Promotion, respective Ministries of Information and Broadcasting, Power, Shipping, Telecommunications, and Tourism and Department of Economic Affairs.

Among the proposals, Paris-based Velcan Energy will infuse Rs 200 crore to set up power generation in the renewable energy sector at Bangalore while Lehman Brothers Investments and L B India Holdings Cayman II Ltd will set up a holding company by investing Rs 225 crore to undertake merchant banking and act as a primary dealer in the government securities market.

In another proposal, Mauritius based Horse-Shoe Capital will invest Rs 45 crore to develop telecom infrastructure in Mumbai.

UNI